According to Hublot CEO, Jean Claude Biver, when times get tough, spend more?
Not exactly the advice one would expect in times of financial crisis, but as Biver digressed, the explanation became clear. In the article posted by CNBC, “Luxury Watchmaker Combats Global Slowdown by Spending More”, Jean-Claude Biver explains the importance of investment in innovation and how it will maintain his company’s future success.
Hublot is a Swiss enterprise that was founded in 1908 and has been creating luxury watches on a global scale. Biver, the current CEO, recently tapped into the Chinese market and now exports 40% of his products to China. Initially the penetration of the Asian markets was bound to gain profits however, the topical 7.6% decrease in China’s GDP has given the time piece industry a lot to think about. Watches within the ranges of four to seven figure price tags is not exactly an item most struggling citizens have a budget for, but the company has come up with a plan in hopes of mastering the future. Biver told NBC, “There is only one way to catch up, that is to make more noise than other, to make more noise, you need more investments.” The depth behind his investments is that Biver’s mindset has been renovated into the great practices of innovation. He further explains how he anticipates the future, “The research and development is the only way to master the future. When there is no innovation, there is no future,” he said. “When the future is not clear, you must invest in innovation. The more you innovate, the more the future will be your friend.”
Recently, Biver’s company has patented the “Magic Gold” which is a gold metal that is scratch resistant. His idea is that in time of crisis, the type of product one produces needs to stand out and be differentiated within its industry. Consumers are targeted by vendors on what they want – Biver has taken a wanted, luxury product and created an aspect one consumer would now need to stay afloat in the debt crisis of Europe.
Although the watch making industry is a whirl wind opposite of corporate housing, Biver’s words speak true to any and all industries across the world. For example, Apple Inc. is one of the world’s most innovative companies in technology – products are always ahead of the curve and it continues to be one of the most successful industry leaders worldwide.
Synergy has built its best practices on innovation alone. From our marketing initiatives to our unique services, Synergy strives to be a strong leader within the corporate housing industry. I feel that best practice leaders are those who constantly erase their business models and start over. Business Innovators push the envelope, accept risk, support a creative culture, and harvest ideas from any insightful mind involved. Innovative leaders encompass those around them by distinguishing the skill sets of an individual to delegate them to an area they will thrive most. The ability to encourage others growth in the possibility they might surpass yourself I feel is very inspiring. For one to set an ego aside, knowing that there is an individual on your team that could learn from your best practices, only to take it to the next level, is a leadership quality that is rare, yet it rakes the most benefits. A skill such as this is what sets companies and individuals apart to set themselves up for innovations. Biver and his team worked intimately to distinguish their product apart from their competitors – Biver anticipated the future at it’s worse only to surpass it and continue his success through innovations.
What are your thoughts on success through innovation and how do you think it effects your business?